Bonek Agency, Inc.

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What Determines How Much You Pay for Life Insurance?

How much you pay for life insurance in Suttons Bay, MI can depend on several different factors that you can discuss with your agent at Bonek Agency Inc.

Age: The younger you are, then the longer you are expected to live. This will decrease the risk of an early payout from the insurance company. When you are older and you get life insurance, the more you will pay in premiums.

Gender: Rates for women can be cheaper than rates for men because women have a longer life expectancy. The longer the insurer lives, the longer the policy is in effect, which means the insurance company gets to collect more premiums.

Smoking: Smoking can make life insurance premiums more expensive. It will take two or more years for your insurance company to consider you a former smoker or non-smoker.

Health Conditions: Health conditions, such as high cholesterol, obesity, diabetes, and hypertension, are personal risk factors that increase the cost of insurance.

Personal Health History: Your health history refers to conditions that you have had in the past, but not ones that are current. This can include stroke, heart disease, or cancer. How much time has passed since the health event can play a role in the risk of you dying early and it will affect your premiums.

Family History: Not only is your personal health history considered, but so is your family history. This includes blood relatives and it’s usually limited to siblings and parents. Insurance companies are concerned with health conditions that can result in the death of a family member before turning 60.

Occupation: Occupation is usually only considered if you are working in a field that is stressful or hazardous. Some of these fields include being a construction worker, roofer, aircraft pilot, or truck driver.

Lifestyle: Dangerous hobbies, such as mountain climbing, can increase your premium. If you have a DUI or a criminal record, it can also increase the cost.

Contact Bonek Agency Inc. serving Suttons Bay, MI, to get a quote on life insurance.